XOM dropped from 78 to 68 (huge) on 10/9/08

[Bolimomo]

XOM (Exxon Mobile) is one of my tier-2 stocks that I watch everyday. Today I have been totally focused on SKF and GS and didn't notice it until now: XOM had a huge drop today. 78 to 68 (dropped ten dollars!). You see... XOM usually has a daily range of only about three dollars or so. I realize that today everything went to hell in a hand basket with the broad market selling off. But a $10 drop for XOM? This signifies a very bearish move to come.

Comments anyone? (I will start trading XOM).

[XOM]

It dropped to 58, more than a 10 percent decline in a matter of minutes off the open on heavy volume.

I was just talking about the significance of this on another forum; XOM is a staple of many fund portfolios, this an indication of huge withdrawal by those funds imo. XOM is now back to spring 2006 levels, when crude started it's meteoric rise.

By the way; "only" $3 moves in XOM is huge, look at the market cap and realize how many billions of dollars we are talking about. A half percent daily was the norm before late last year, when it started having 2%+ moves in a day is when the S&P was reaching the top. Perhaps -10%+ in minutes indicates the bottom is near?